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FinancialNews


  • 20-12-20

    Iraq undervalues national currency amidst economic catastrophe

    (MENAFN) On Saturday, Dec. 19, the Central Bank of Iraq (CBI) stated that it has made a decision to decrease the value of the Iraqi dinar against the USD because of the economic catastrophe that was caused by the drop in oil prices and the COVID-19 pandemic.

    A CBI report stated that it made a decision to decrease the value of the Iraqi dinar to reach 1,450 dinars per one USD in the central bank, in place of its prior price of 1,119 dinars per dollar.

    According to the report, the exchange rate of the dollar will hit about USD1,23 in the local market.

    The report said that, the CBI ascribed the conclusion to the economic catastrophe that was caused by the drop in oil prices and the COVID-19 pandemic, which drove to a big shortage in the state budget, obliging the administration to borrow money from banks to pay salaries and to cover other costs.

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